Al-Khaleej Takaful Group Net Profit In 2016 Fall 69.3% to QR 13.2 Million  
The Board recommended distributing cash dividend of QR 0.60 per share
 
March 15, 2017
 
Al-Khaleej Takaful Group net profit in 2016 fell to QR 13.29 million compared to QR 43.39 million in 2015. Earnings per share stood at QR 0.52 versus QR 1.7 in the corresponding period in the previous year. The Board of Directors recommended distributing a cash dividend of 6% of the share nominal value.   

The Group Securities Comment:
 
Net takaful contributions in 2016 declined by 17.1% to QR 136.5 million while the surplus dropped 14.5% to QR 46.4 million and consequently the total income from investments and revenues fell by 21.5% to QR 68.7 million. In contrast, total expenses rose by 24.9% to QR 55.1 million, of which QR 32.2 million is general and administrative expenses. As a result, the net profit for shareholders fell 69% to QR 13.3 million.